6. Goods
Consumer goods- Goods with final
use by individuals
Capital goods- Goods that are
used to produce other goods
7. Value and Paradox of
Value
Value- Worth in dollars and
cents
Paradox of Value- Idea that
necessary items may have
very low value while unneeded
items may have high value
13. DO YOU KNOW?
3 Economics Questions???
4 Factors of Production???
Terms like:
– Scarcity
– Division of Labor
– Economics Growth
– Paradox of Value
– Wealth